the file “cmdline.txt” inside the FAT partition of the raspberry 3.9.3A image are corrupted.
To solve the problem, you have to create a new file named “cmdline2.txt” at the same level of the corrupted “cmdline.txt”. Copy this text inside the “cmdline2.txt” :
root=HD=ZS-A7E25B3C_3.9.3A_1 rootwait panic=10 loglevel=0 elevator=noop dwc_otg.lpm_enable=0 quiet
Rename “cmdline.txt” to “cmdline3.txt” and finally rename “cmdline2.txt” to “cmdline.txt”.
The raspberry should start normally with this new “cmdline.txt”.